Help Ensure That Affected Clients Get IRS Y2K Relief

The official position of the IRS is that it wants every individual and business taxpayer to do what they need to do in order to avoid Y2K problems which will cause them an inability to comply with tax laws.

But if legitimate issue arise, the IRS will waive penalties and interest.

Immediately after the new year begins, you will be checking your critical systems and you should also be checking your clients critical systems. Tax related glitches due to Y2K may appear in the following weeks, which will cause your client an inability to comply with deadlines imposed by the IRS.

How can you help ensure that they get all the tax relief available? Simple. Follow these guidelines and your clients will see smoother sailing with the IRS Y2K relief effort:

1. Contact the IRS immediately at 1-800-829-1040.

2. Help your client prepare the proper answers to the following five questions:

  • What was the Y2K failure?
  • How did it affect your ability to meet your tax obligations?
  • What steps did you take to become Y2K compliant?
  • When did you discover the failure?
  • When will the failure be corrected?

Without legitimate responses to these questions, IRS taxpayer relief will be difficult to achieve due to the millennium bug.

You may like these other stories...

Starting in October, the IRS will send warning letters to tax return preparers who appear not to be complying with Earned Income Tax Credit (EITC) due diligence requirements.Section 6695(g) of the Internal Revenue Code...
BKD LLP adds Illinois accounting firm Wolf & Co.Springfield, Missouri-based CPA and advisory firm BKD LLP and Chicago-based accounting firm Wolf & Co. have agreed to merge, the firms announced on Monday. Wolf will...
A new government report on Monday found that the IRS may not be completing the required research steps in collecting delinquent taxes before considering the cases “not collectible.”The Treasury Inspector General...

Already a member? log in here.

Upcoming CPE Webinars

Oct 9In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards.
Oct 15This webinar presents the requirements of AU-C 600, Audits of Group Financial Statements (Including the Work of Component Auditors).
Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.